5 Things You Need to Know if You're Considering a 401(k) Loan

5 Things You Need to Know if You're Considering a 401(k) Loan

Borrowing money from a 401(k) is a common strategy used to get through hard times. If you've weighed your options during the novel coronavirus crisis and decided that a 401(k) loan is the right choice for you, there are five things you need to know before you borrow, as the rules have changed for 2020. Traditionally, 401(k) loans were limited to the lesser of $50,000 or 50% of your vested balance.